We have a fee schedule that is based on a percent of assets under management and scales down for larger account sizes. We believe this fee structure is the most effective at aligning the interests of our clients with our own interests. With a percent of assets fee structure, we have an incentive to deliver superior investment performance because that means more fees for us. We also have an incentive to keep transaction costs low because transaction costs detract directly from portfolio performance (which also minimizes capital gains for taxable investors). Finally, we have a disincentive to take inappropriate risks because those risks would be risks to our own income stream.